Monitise's mobile money platforms enhance revenue streams
Of the roughly 7.2 billion people worldwide, about 2.2 billion have bank accounts while there are 6 billion mobile phone subscriptions. Alastair Lukies foresaw this situation and the opportunity it presented when he founded Monitise in 2003 to offer mobile banking platforms to financial institutions.
Of the roughly 7.2 billion people worldwide, about 2.2 billion have bank accounts while there are 6 billion mobile phone subscriptions. Alastair Lukies foresaw this situation and the opportunity it presented when he founded Monitise in 2003 to offer mobile banking platforms to financial institutions.
"Mobile technology will continue to change the face of the financial services sector. This is the rationale behind Monitise," says Lukies, CEO. "The strong consumer appetite to stay on top of your finances will continue to drive demand for mobile money applications."
Monitise introduced mobile banking into LINK, Britain's ATM network. Since then, it has grown to become a trusted partner for bank-grade technology covering mobile banking, payments and commerce. In co-operation with companies such as Visa, IBM, RBS and Telefónica, Monitise handles 3.4 billion transactions on an annualised basis, with the value of payments and transfers worth US$71 billion. By supporting brands in developing engaging, customer-centric, "always-on" mobile services, Monitise enables businesses to play a bigger role in their customers' lives. Also increasing customer loyalty, its technology opens fresh revenue streams and provides all parties with value-added services in delivering a cross-sell channel.
Following its success in Europe and the United States, Monitise initially entered Asia through strategic partnerships. Monitise's collaboration with First Eastern Investment Group in Hong Kong helped the company gain traction in the region, with partners such as Joint Electronic Teller Services, the biggest ATM network in Hong Kong and Macau, and PCCW Mobile. Through an Indonesian joint venture, Monitise offers numerous mobile money services for banks, mobile operators and retailers.
"Banks can miss massive opportunities by seeing mobile banking as just another way of checking a balance," Lukies says. "There are huge benefits for banks, telcos and their customers in embracing m-commerce and other mobile money services."
